- Ali Charts mentioned in a tweet that he's waiting for a significant increase in the total value of on-chain transfers before considering a full investment in Bitcoin (BTC).
- Monitoring Bitcoin's on-chain activity, particularly the value of transferred coins in USD, gives insight into potential larger market uptrends, as per the analyst.
- The measure of on-chain transfers has historically risen before major bullish periods for BTC, and it has been stabilizing over the last four months, suggesting positive prospects.
- However, a medium-term bearish #technical flag was triggered on BTC's daily chart recently.
- The 9 and 20 #EMA lines on the daily chart were positioned below the 100-day EMA line after crossing below it on August 17, 2023.
- If BTC's price continues to decline, it might retest the critical support level at $24,200, potentially dropping to $22,100 in the next two weeks.
- This bearish outlook changes if #BTC can close a daily candle above $26,915, indicating a potential climb towards $30,070 in the following two weeks.
- BTC's 24-hour performance showed a price decrease of about 0.29%, trading around $26,012.31 with a daily low of $25,786.81 and a high of $26,248.10.
- BTC's 24-hour trading volume dropped by over 12% to $11,175,660,895, but it experienced a slight 0.45% increase over the past week.
